3 Things small businesses need to know about data

Data has a fundamental role to play in modern businesses, but it can also be troublesome and confusing for business owners to deal with. Below, we have put together a simple guide to the three most important factors regarding how your company both obtains, and then uses, the customer data it collects.

#1 – The importance of legislative compliance

Data is a highly-regulated industry, and new measures such as the European Unionโ€™s GDPR have complicated matters further in this regard. It is important to know your businesses responsibilities regarding data collection and storage and ensure compliant practice is maintained at all times.

#2 – Security is crucial

In recent years, a number of major multinational corporations have found themselves experiencing data breaches. However, the risk of being hacked is not reserved for large businesses; small companies are vulnerable too, so itโ€™s important to ensure that your data storage is as secure as it can possibly be at all times.

#3 – Data is useless without good analysis

Through the course of running your business, a huge amount of data about your customers will be obtained. However, this data is next-to-useless in and of itself – it has to be analyzed and used to influence future business outcomes. As a result, it is well worth investigating the use of psychology in the interpretation of data, an importance that the infographic below concisely outlines:

Infographic Design By USC Online

*This is a contributed post

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.